New Delhi: Coming down hard on those attempting to convert black money into notes of new denominations, the Finance Ministry on Friday said stringent action will be taken against such individuals.
“There are reports that some people are using other person’s accounts to convert their black money into new denomination notes. Such tax evasion activities can be made subject to income tax and penalty. Also, those who allow their accounts to be misused will face prosecution,” a statement from the Finance Ministry said.
However, the ministry reiterated that small deposits made in banks by artisans, workers, housewives etc would not be questioned by the Income Tax department.
The statement added that genuine persons having their own household savings in cash and depositing the same into bank will not be questioned.